"The 30-year fixed-rate mortgage averaged near 7% this week, down from nearly 7.8% just six weeks ago," says Sam Khater, Freddie Mac's chief economist.
Indeed, for the week ending Dec. 2, median home prices edged up by 1.2% over last year, "maintaining a consistent growth rate from the preceding two weeks," adds Jones.
Only one thing can break the ongoing inventory crunch that's keeping home prices at unfriendly highs: fresh listings. And in the good news column, new listings were up by 5.6% for the week ending Dec. 7.
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